Oman is taking steps to attract investors to the sultanate in a bid to diversify its economy away from a reliance on hydrocarbons. These include updating the legal framework for investment while continuing to stress the value of the country’s free zones and economic zones. Foreign direct investment (FDI) inflows to Oman grew to an estimated $822m in 2015, up from $739m in 2014...
Articles & Analysis | Drawing increased investment is a top priority for Oman from The Report: Oman 2017
Articles & Analysis | Oman continues with tax system reforms from The Report: Oman 2017
Parliament’s vote to raise corporate taxes in May 2016 is among the most significant financial developments in Oman in recent years. A low-tax environment is a key incentive to invest across the GCC, and the tension between drawing growth-promoting investment and maintaining state revenues has made such increases a contentious issue for...
Articles & Analysis | Oman prepares for a sustained period of lower oil revenues from The Report: Oman 2017
Having endured low oil prices for the entire year, countries across the resource-rich GCC saw their balance sheets constrained in 2015. In Oman’s case, lower revenues from the petroleum sector led to a nominal GDP contraction of 13.8% and the country’s largest deficit in more than a decade. Closing the fiscal gap is a top priority for the...
Articles & Analysis | Gulf states, including Oman, increasingly looking to bond issuances to bridge growing fiscal deficits from The Report: Oman 2017
A combination of factors has led to a rise in bond issuance from GCC members in 2016. Over the year, bonds and sukuk (Islamic bonds) issued in the GCC hit $66.5bn, more than doubling the $27.6bn total recorded in 2015, and rivalled only by the $60.9bn issued during 2009. A $17.5bn historic bond sale from Saudi Arabia accounted...
Articles & Analysis | With its rich history, Oman continues to evolve from The Report: Oman 2017
Located in the south-eastern quarter of the Arabian Peninsula, Oman is the only member of the GCC situated outside of the Gulf. Leveraging its strategic location, Oman has invested in infrastructure with the goal of becoming a global logistics centre. While the country is less hydrocarbons-rich than its GCC neighbours, diversification efforts...
Interviews & Viewpoints | Sultan Qaboos bin Said Al Said, on the importance of economic diversification: Viewpoint from The Report: Oman 2017
The global economy is passing through an unhealthy period which, it is feared, may get worse. Due to the economic recession which is being felt by energy-consuming countries, the demand for energy from these countries has declined. Oil, in addition to being a finite resource, is exposed to the fluctuations and instability of the market. It is...